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Atlantic Yards/Pacific Park graphic: what's built/what might be coming (post-dated pinned post)

Click on graphic to enlarge. This is post-dated to stay at the top of the blog. It will be updated as announced configurations change and buildings launch. The August 2014 tentative configurations proposed by developer Greenland Forest City Partners will change, and the project is already well behind that tentative timetable.

Post puffs 38 Sixth among "cheapest... chicest" housing; reality: 1,876 households applying for 152 costly middle-income units

Yesterday, the New York Post published a sunny real estate roundup, NYC’s cheapest housing might be its chicest, prominently featuring two "100% affordable" buildings within Atlantic Yards/Pacific Park, 38 Sixth and 535 Carlton.

That's 38 Sixth leading off with the two images on the first page, the interior and then the exterior view. From the article:
Greenland Forest City Partners — a joint venture with Greenland USA — is developing Brooklyn’s Pacific Park, which includes two new affordable addresses. “Whether it’s market-rate, mixed or affordable, we want to create a sense of community … and then everyone becomes invested in the home.”
One of the Pacific Park buildings, the SHoP Architects-designed 38 Sixth Ave., opened in August. All of its 303 units are priced below market-rate for individuals making between $20,126 and $173,415.
(A studio is as low as $532, and a three-bedroom as high as $3,695, for those who met the income requirements and won the lottery.) Note …

Barclays Center rep claims non-ticketed events not listed on neighborhood calendar for security reasons (nah)

It's a small but significant change in Barclays Center operation: not since May 2016 has the arena circulated a monthly calendar that includes non-ticketed events, indicating the timing and expected crowd size.

And that leaves arena neighbors unprepared for crowds and traffic from events like graduations or religious gatherings.

At the bimonthly Atlantic Yards/Pacific Park meeting 11/14/17, the question of restoring such cordial notices came up again, and Sarah Berlenbach, the Director of External Affairs for Brooklyn Sports & Entertainment, gave a new but not-so-convincing answer.

Claim: It's about security

“This has come up before in these meeting, and we continue to stand by the decision to not publish many events, unless we expect there to interference with the quality of life," she said. "Think of the graduations that came in and had people like Hillary Clinton and Bernie Sanders... Any time there might be a security threat we don’t want increased attention o…

Developer: remaining green wall on Dean Street finally going down. Plans unclear for site next to 550 Vanderbilt.

Finally, the remaining portion of the huge, street-encroaching green fence on Dean Street is going down, as developer Greenland Forest City Partners acknowledged last night that it has no immediate plans for the Atlantic Yards/Pacific Park parcel it is protecting.

The 16-foot wall/fence, twice as high as typical, was ordered by Empire State Development (ESD), the state authority overseeing and shepherding the project, to protect neighbors from noise and dust during construction.

Portions of the wall, which once extended between Carlton and Vanderbilt avenue, have lingered for some three years, vexing neighbors especially as the rationale for its presence has diminished. Letters from the Dean Street Block Association and questions raised at the Atlantic Yards Community Development Corporation (AY CDC) were long met with claims from ESD that the fence was needed.

Speaking at the bi-monthly Atlantic Yards/Pacific Park Quality of Life meeting last night (also see coverage of project'…

Conundrum: state official has no info on project timetable but says 2025 affordable housing deadline will be met

At last night's bi-monthly Atlantic Yards/Pacific Park Quality of Life meeting, the few project neighbors present got a seemingly confident but not-at-all-definitive overview of the project from
Tobi Jaiyesimi.

She serves as both Executive Director of the Atlantic Yards Community Development Corporation and Atlantic Yards/Pacific Park Project Director for the parent Empire State Development, thus essentially advising herself.

“In terms of the overall length of what the project development schedule is, that I can’t provide for you," she said. "Just know that the project is sticking to one of its major commitments, in terms of making sure that we’re able to provide the affordable housing by 2025, making sure that we’re able to maintain 30% affordability throughout the length of the project."

The conundrum

That's a bit of a conundrum. If new buildings remain delayed, well, that May 2025 housing deadline get harder to meet. There are seemingly significant penalties of…

Despite long waits to sell $2M+ condos in Brooklyn, Greenland Forest City didn't cut prices at 550 Vanderbilt but maneuvered lowering cost of ownership

Selling a luxury condo in Brooklyn? You could be in for a long wait, The Real Deal reported yesterday, saying units asking for $2 million-plus have been on the market an average of 249 days, or more than eight months.

Well, how does that apply to 550 Vanderbilt? Sales of some units launched in June 2015, Curbed reported, and sales presentations in China began that month, though later September 2015 was called the official launch.

So it's been at least 26 months, or maybe 29 months. By my calculations, based on public documents, only 10 of 55 units listed for $2 million-plus have sold, though it's certainly possible that some sales are in process.

Lowering the cost of ownership, though not cutting prices

Given slow sales, many condo sponsors would cut prices. The Real Deal reported that sellers were "taking an average price cut of 24 percent on listings for $2 million or more during the third quarter of 2017," according to Miller Samuel data.

But Greenland Forest City …

Coming around Barclays and other major venues: more NYPD cops, with new rifles

MSG, Barclays to get ‘Commando’-equipped cops amid terror concerns, the New York Post reported last night: Specially trained NYPD officers armed with high-powered rifles will soon be assigned to every event at the city’s major stadiums to combat potential terror, The Post has learned.
In the coming weeks, Madison Square Garden in Manhattan and Brooklyn’s Barclays Center will each be stocked with more than a dozen officers from their local station houses — Midtown South and the 78th Precinct — during any sports games, concerts or other events, law-enforcement sources said.
The newly assigned officers recently underwent a two-week training course, then a second instructional session, to familiarize themselves with the semiautomatic Colt M4 Commando rifles that they will carry while on-duty, sources said. They'll also be wearing special tactical uniforms, the Post reported. The question is how long this will continue, and how many officers will be deployed.

And if the cost isn't as…

New market-rate studios and one-bedrooms at LIC complex $300+ below "affordable" 535 Carlton

From Multi-Housing News, 11/9/17, Lightstone Completes Long Island City Development:
Real estate investor and developer Lightstone has completed ARC, a 428-unit apartment property at 30-02 39th Ave. in the Dutch Kills section of Long Island City in Queens....
Studios are available starting at $1,800, with one bedrooms starting at $2,300 and two bedrooms starting at $3,500. Those rents are less than the average in Long Island City, which is the most expensive rental market in Queens, according to MNS.
According to MNS’ October 2017 report on Queens’ rental market, studios average $2,408 in Long Island City. One-bedroom units average $3,030, while two-bedroom units fetch an average of $4,060. Do note that the "affordable" studios at 535 Carlton, many of them not taken in the housing lottery, rent for $2,137, 1-bedrooms for $2,680, 2-bedrooms for $3,223, and 3-bedrooms for $3,716.

Sure, 535 Carlton is a better location--though next to future noisy construction for a while--than…

Reuters: smaller Equity Residential approaches Forest City regarding merger

Reuters reported in an exclusive 11/10/17, Exclusive: Equity Commonwealth approaches Forest City about merging - sources:
Equity Commonwealth (EQC.N), a U.S. real estate investment trust (REIT) focused on office space and chaired by property mogul Sam Zell, has approached Forest City Realty Trust Inc (FCEa.N) to discuss a possible merger, people familiar with the matter said.
Combining the two companies would create an office- and apartments-focused REIT worth more than $10 billion, making it one of the biggest mergers in the sector this year. Forest City is open to a potential merger ever since it began a process to consider divestiture or transformation. It should be noted that Equity is a much smaller company, albeit with much less debt, with a market capitalization (total value of stock) of $3.77 billion, while Forest City has a market cap of $6.65 billion.

Alternatively, Forest City has total assets of $8.12 billion, and then liabilities (including debt) of $4.32 billion and tota…